Hello,
We wish you a Happy Republic Day!
To get the day started, here are some lesser-known facts about the national holiday.
Now, onto the Indian startup ecosystem, where a lot has happened in a day.
BYJU’s lenders—who collectively own more than 85% of the edtech startup’s $1.2-billion term loan B—have filed an insolvency petition against it earlier this week with the National Company Law Tribunal in Bengaluru. BYJU’S, however, said the proceedings are premature and baseless.
Then, Flipkart may reportedly let go of 1,000 employees across multiple functions as part of annual performance reviews. Also, the company, in competition with Amazon, launched its UPI feature to a closed group of 10,000 users.
Meanwhile, RBI has granted Zomato a payment aggregator licence, allowing the company to carry ecommerce transactions through the platform.
Also in the food delivery segment, Swiggy is cutting about 400 jobs, or nearly 7% of its workforce, as it seeks to bring further improvements to its finances ahead of a planned IPO later this year. It is the second round of layoff at the Bengaluru startup, which cut just as many jobs early last year.
ICYMI: The fight for who invented the Butter Chicken continues.
But, all we care about is the food…
In today’s newsletter, we will talk about
- EV sector’s expectations from Budget 2024
- Future tech narratives at TechSparks Mumbai
- Telemedicine care for livestock
Here’s your trivia for today: Which country drinks the most beer per capita?
Union Budget
EV sector’s expectations
The first and the second installations of the government’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) have helped increase the adoption of electric two-wheelers for personal mobility. EV sales in India rose 50% to 1.53 million from a year ago, according to Vahan data.
“The continuation of FAME for the next five years…is essential, especially for maintaining upfront price parity for EVs compared to combustion engine vehicles,” Akshit Bansal, CEO and Founder of Statiq, tells YourStory.
E-mobility needs:
- The EV industry is also seeking incentives for charging infrastructure, including subsidies in the form of reduced rates for land or space allocation to set up charging stations.
- India is currently working on a new EV policy that will look to slash import taxes for automakers that manufacture locally.
- Original equipment manufacturers (OEMs) have asked the government to consider making EV loans cheaper so they become more attractive, as well as help somewhat offset their high prices.
Event
Future tech narratives at TechSparks Mumbai
To be held on February 29 and March 1, TechSparks Mumbai 2024 will become the epicentre of a transformative tech odyssey, where technology narratives unfold, connections are born, and the future is scripted.
Themed ‘The Great Indian Techade,’ this summit builds on the grand legacy of its Bengaluru and Delhi editions, and is poised to redefine the contours of the Indian tech landscape.
Spotlight on themes:
- The summit will hold conversations on the ascent of India’s economy driven by domestic wealth, exploring the intricacies of wealth creation, and delving into the upcoming wave of innovation in digital payments.
- Delve into the realm of AI cloud, powering India’s next-gen startups, and witness the unlocking of the next phase of growth for SaaS in the country.
- TechSparks Mumbai serves as a gateway to the world of Frontier Tech, providing attendees with a glimpse into the technologies set to shape our future.
Startup
Telemedicine care for livestock
While India has the world’s largest livestock population, there’s still a lot of ground to cover when it comes to cattle health. Verdant Impact is a full-stack animal husbandry platform that offers a telemedicine facility, Animal ICU, for real-time diagnostics, remote monitoring, and virtual veterinary consultations for livestock care.
Animal health:
- Farmers can upload videos, photos, and detailed descriptions of their animals for consultation from a doctor or a paramedic. The owners can receive prescriptions, alternate remedies, or an ambulance for the cattle.
- Verdant Impact also facilitates monitoring and tracing of the cattle’s health, location, and movement using Radio Frequency Identification (RFID) tags.
- The startup has received invitations from state animal welfare departments of Rajasthan, Madhya Pradesh, Haryana, and Jharkhand to help them set up telemedicine facilities.
News & updates
- Valuations: Walt Disney Co.’s India unit is valued at around $4.5 billion, less than the $10 billion the US entertainment giant previously pursued, in a proposed merger with Reliance Industries, reflecting the struggle global media giants face in one of the world’s fastest-growing entertainment markets.
- Growth: The US economy grew faster than expected in the fourth quarter at 3.3% amid strong consumer spending, and shrugged off dire predictions of a recession after the US Federal Reserve aggressively raised interest rates, with growth for the full year coming in at 2.5%.
- Tight rules: Meta is rolling out new DM restrictions on both Facebook and Instagram for teens that prevent anyone from messaging them unsolicitedly. The new limits will apply to all users under 16—and in some geographies under 18—by default. Meta said it will notify existing users with a notification.
Which country drinks the most beer per capita?
Answer: Czech Republic. In 2021, the average Czech drank more than 184 litres of beer.
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